To determine maximum aggregate component materiality levels, we first use the cumulative binomial distribution to derive the maximum number of components that can be allowed to simultaneously contain ...

Risks in accounting and audit firms are most often described by the audit risk model. This model describes how the responsibilities of management and auditors combine to determine the risk of the ...

The rise of AI in audit is unavoidable. This analysis explores the ethical risks of bias, the regulatory need for Explainable ...

Generally accepted auditing standards (GAAS) require the auditor to identify and assess risks of material misstatement (AU-C §315, Understanding the Entity and Its Environment and Assessing the Risks ...

Effective model risk management requires a combination of analytical skills, governance and organizational structure, as well as the ability to negotiate. In early studies of model risk management ...

Combine structured frameworks with a customizable assessment model to turn strategic fog into prioritized remediation plans ...